Within his freshly published personal account, titled Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he revisits the turbulent period of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's recollections, he selected that maverick academic Yanis Varoufakis to be the finance minister largely because of the latter's international reputation along with Varoufakis's “extremely attractive” skills when it came to speaker.
“He was, actually, more of a personality rather than an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader alleges that his finance chief had a personal motives which included promoting Varoufakis's publications as well as experimenting with his economic models using the nation rather than truly fighting for the country's economic stability.
He noted that those negotiations to prevent bankruptcy became “not just a method to secure improved terms for Greece. They were an experiment, an historic chance to prove the truth of his theories.”
Critical Negotiations
During rollercoaster negotiations, the country came dangerously close to exiting the eurozone.
At stake lay not only Greece's future but also the punishing austerity measures required in return for bailout funds by foreign lenders.
Failed Options
Attempts to find funds elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, the punitive bailout terms were put to a popular referendum, an action which plunged Europe into a deeper crisis of identity.
Although the vote was won resoundingly by those who opposed the cuts, the prime minister was forced but to reject its outcome then negotiate a bailout package with creditors that turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“He was the face of negotiation, the man who drew media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included establishing a secondary currency as well as distributing coupons to retirees, Tsipras said he realised that it was game over and asked him: “Is this for real?”
Enduring Rebuke
Within the book, Tsipras concludes that his former ally had proved himself “unfit for a deal that required intricate and delicate management.”
He further wrote that Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, and helped hawks that were advocating Grexit.
The account of events has been met with anger and shock among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
